3,624,455 Shares in Melco Resorts & Entertainment Limited $MLCO Bought by WCM Investment Management LLC

WCM Investment Management LLC purchased a new position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 3,624,455 shares of the company’s stock, valued at approximately $35,665,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of MLCO. Arrowstreet Capital Limited Partnership grew its holdings in Melco Resorts & Entertainment by 1,819.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock worth $39,748,000 after purchasing an additional 5,211,263 shares during the period. Hudson Bay Capital Management LP lifted its position in shares of Melco Resorts & Entertainment by 271.3% in the second quarter. Hudson Bay Capital Management LP now owns 1,473,502 shares of the company’s stock valued at $10,653,000 after buying an additional 1,076,606 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Melco Resorts & Entertainment in the second quarter valued at approximately $1,000,000. Envestnet Asset Management Inc. bought a new position in shares of Melco Resorts & Entertainment during the 2nd quarter worth approximately $355,000. Finally, DAVENPORT & Co LLC increased its holdings in shares of Melco Resorts & Entertainment by 1.5% during the 2nd quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock worth $631,000 after acquiring an additional 1,300 shares during the last quarter. Institutional investors own 39.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MLCO shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.70 price target (down previously from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. Zacks Research downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 16th. Wall Street Zen cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Texas Capital raised shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Hold” and a consensus price target of $7.85.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO opened at $6.24 on Tuesday. Melco Resorts & Entertainment Limited has a 52 week low of $4.55 and a 52 week high of $10.15. The stock has a market capitalization of $2.62 billion, a P/E ratio of 24.00 and a beta of 0.63. The stock’s fifty day moving average is $7.55 and its 200 day moving average is $8.43.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.10. Melco Resorts & Entertainment had a net margin of 2.06% and a negative return on equity of 23.00%. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the prior year, the business posted $0.06 earnings per share. Melco Resorts & Entertainment’s revenue was up 11.5% compared to the same quarter last year. Equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.